Barclays Lowers Numbers on Best Buy (BBY); Focus Now Shifts to New CEO Strategy

Barclays maintains an 'Equalweight' on Best Buy (NYSE: BBY) price target of $19.00 (from $21.00).

Analyst, Alan M. Rifkin, said, "2Q EPS disappoints due to weaker sales and gross margin pressure...Comps from both domestic and international were weaker than expected. Total company sales decreased (2.8)% y/y to $10.5 billion, which was below our estimate of $10.9 billion...We believe investors are more focused on future strategic announcements from the new CEO, rather than on the company's near-term operating results."

FY12 EPS estimate lowered from $3.65 to $3.20 and FY13 from $3.80 to $3.50.

For an analyst ratings summary and ratings history on Best Buy click here. For more ratings news on Best Buy click here.

Shares of Best Buy closed at $17.91 yesterday.

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• Fiserv (FISV) PT Lowered to $60 at Freedom Broker
• Tata Motors Passenger Vehicles (TMPV:IN) PT Raised to INR375 at ICICI Securities
• Petronet LNG Ltd. (PLNG:IN) PT Raised to INR310 at ICICI Securities